Acquiring a structured insights into frequently used compensation schemes: Contests and Tournaments.Learning about the relation of those compensation schemes in marketsComparing those compensation schemes with other frequently used schemes such as piece-wise compensation

Description

The courses provides basic knowledge on the theory of contests and tournaments. In these mechanisms, several participants compete for prizes which are awarded according to relative performance. Real-world applications include sports competitions, political campaigns, lobbying contests, job promotion contests, and many others. To get a feeling for the type of models which we will analyse in the course, please have a look at the survey article "Strategy in Contests" by Kai A. Konrad (2007).

Literature

Konrad, Kai A. (2007): Strategy in Contests – An Introduction, Working Paper. You can download the introductory article with the following link: http://papers.ssrn.com/sol3/papers.cfm?abstract_id=960458 . This is an overview article. In the course, we will read several scientific articles, some of which are summarized in the overview article by Kai A. Konrad. The final list of articles will be announced later on the Eleum website.

Prerequisites

This research master course presumes knowledge equivalent to the first year research master course in Microeconomics.